The End of Fossil Energy and Per Capita Oil by John G Howe (5th Ed)covers updates to the book as well as other related material regarding the imminent global energy crisis.
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Friday, 12 August 2016

Today's ENERGY News - 12 August 2016

Top Stories

OPEC points to 2017 oil surplus as Saudi output hits record

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria, May 30, 2016. Top oil exporter Saudi Arabia boosted its oil output to a record high in July, it told OPEC, in a sign key members remain focused on market share rather than tackling a supply glut by curbing production. The monthly report from the Organization of the Petroleum Exporting Countries also said output from the 14-member group hit a new high last month, indicating excess global supply may persist into next year. Oil declined almost 15 percent in July on concern about a glut of crude and finished products that would delay a long-awaited rebalancing of the market. The drop in prices has prompted speculation OPEC may seek to revive a deal with outside producers to freeze output. “Cheap crude has led refiners to produce more refined products worldwide, […]

Oil Market Report for August

Crude oil prices eased to around $45 bbl in August as a global supply overhang weighed and demand growth weakened. Brent crude had threatened to break below $40 bbl at the end of July.

Global oil demand growth is expected to slow from 1.4 mb/d in 2016 to 1.2 mb/d in 2017, as underlying support from low oil prices wanes. The 2017 forecast – though still above-trend – is 0.1 mb/d below our previous expectations due to a dimmer macroeconomic outlook. The 2016 outlook is unchanged from last month’s Report.

Global oil supply rose by about 0.8 mb/d in July, as both OPEC and non-OPEC production increased. Output was 215 kb/d lower than a year earlier, as declines from non-OPEC more than offset an 840 kb/d annual gain in total OPEC liquids. Non-OPEC production is forecast to drop by 0.9 mb/d this year before rebounding by 0.3 mb/d in 2017.

OPEC crude oil output rose by 150 kb/d to 33.39 mb/d in July as Saudi Arabia pushed output to the highest ever and Iraq pumped more. Robust Middle East production lifted total OPEC crude supply 680 kb/d above a year ago and held output at an eight-year high.

Global refinery throughput in 3Q16 is expected to rise by 2.2 mb/d from a weak 2Q16 to a record 80.6 mb/d. At only 0.6 mb/d above a year earlier, 3Q16 runs will lag expected demand growth, eroding some of the product stock cushion built up since mid-2015. Runs are forecast to decline seasonally to below 80 mb/d in 4Q16.

An OECD inventory overhang continued to shift from crude into products during June, with commercial stocks swelling by 5.7 mb to a record 3 093 mb., Declines in crude oil holdings were offset by an above average product build of 15.9 mb, with big volumes of US propane and other NGLs moving into storage.

Iran Expects $25 Billion Oil Contracts Signed Within Two Years

Tender offers likely to take place over 6 months to a year 34 foreign companies identified by NIOC as suitable investors Iran expects foreign oil companies to sign deals valued at $25 billion over the next one to two years under the terms of a new contract model approved last week, the managing director of the National Iranian Oil Co. said. The state energy producer plans to tender contracts over a period of six months to a year to develop several oil and gas fields, the oil ministry’s news service Shana reported Tuesday, citing Ali Kardor. NIOC has identified 34 foreign companies as suitable bidders, he said. NIOC is also seeking investments under existing models, he said. Start your day with what’s moving markets. Get our markets daily newsletter. Business Your daily dose of the news that’s moving markets around the world. You will now receive the Business newsletter […]

Iraqis Boil as Power-Grid Failings Exacerbate Heat Wave

Thanks to the worst recorded heat wave in Iraq’s history, now in its fourth week, Abu Mahdi may be this city’s happiest man. From a hole-in-the-wall shop on Baghdad’s east side, Mr. Mahdi repairs air conditioners. His counsel is sought by the powerful and humble. His wallet is bulging. Some customers are so desperate, he says, “they come into my shop, get on their knees, kiss my hand and say, ‘Please come and help me.’ ” People across the Middle East are suffering under this summer’s historic heat, which has seen temperatures climb above 120 degrees. ‘I’m well-respected these days,’ says Abu Mahdi, 52, in front of his air-conditioner repair shop… In Baghdad, a city of some seven million people, the torment is aggravated by Iraq’s decrepit electrical system, which cuts out frequently and […]

Diversify Or Die? Big Oil’s Dwindling Options For Survival

China Oil French Total has emerged as perhaps the smartest member of the Big Oil club, wasting no time waiting for oil prices to return to early 2014 levels, instead, venturing into the brave new world of renewables and power storage systems . This move by the French giant was recently lauded by Lux Research in a paper titled Superpower Darwinism: What Big Oil Can and Cannot Do About Total’s Billion-Dollar Battery Move. Total is preparing for a world that will be dominated by renewable energy, and betting on it to ensure its long-term success. Meanwhile, other supermajors are finding it hard to acknowledge climate change—the single most important factor that is spurring the renewables boom. Until relatively recently, this acknowledgement could go unnoticed. Renewable energy was more hype than anything else: it couldn’t be stored for any practical length of time, it was – and still is – […]

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About the Author - John G Howe

John G. Howe is a retired engineer/farmer. He has been a long-time student of energy problems and is presently lecturing on this subject. Having become so concerned about the world's looming energy crisis, Howe felt compelled to summarize this complex subject into a book in order to reach a broader world audience. His New England Yankee-farmer background combined with his engineering education gives honest appraisals and solutions for a sustainable future.